Trading on the Lagos floor of the Nigerian Stock Exchange (NSE) yesterday closed in the red as market capitalisation of traded equities depreciated further by N55 billion.
This was as the NSE All Share Index dropped by 156.66 basis points to close at 28,046.96 from 28,205.62 points it opened the day’s trading.
The performance of the benchmark index was dragged by profit taking in Zenith Bank, Nigerian Breweries, ETI and FBNH. Similarly, market activity weakened as volume and value of traded equities declined 44.6 per cent and 53.5 per cent to close at 270.72 million shares worth N2.2 billion, exchanged in 4, 609 deals.
The watered performance of the ASI was further highlighted in the bearish performance across sectors. The Insurance and Banking indices depreciated 1.5 per cent and 1.4 per cent as investors took profit in Mansard, AIICO, Zenith, ETI and Access.
After the trading session, 35 stocks appeared on the price movement table with eight gaining price advantage as against 27 decliners. MRS, Pharma Deko and Law Union led the gainers while Skye Bank, Berger Cutix and FCMB led the losers.
An analyst with Afrinvest believes that the upward review of the benchmark rate by the MPC coupled with the current attractive yields in the money market will dampen interest in equities in the short term as they expect investors may redirect funds to the money market.